Brett Warren , National Director – Metropole Group
One of the key initiatives of the 2024/2025 Federal Budget is the expansion of the Help to Buy program, which has been allocated approximately $800 million to make the scheme more accessible.
By raising property price and income caps, the program aims to assist around 40,000 Australian households in achieving homeownership.
Under the initiative, eligible buyers can benefit from a government equity contribution of up to 40 per cent, allowing for lower deposits and reduced mortgage payments.
Federal Government efforts to create a more equitable housing market also include a two-year ban on foreign buyers purchasing existing dwellings starting 1 April 2025.
Additionally, $8.9 million has been allocated to the Australian Taxation Office (ATO) and Treasury to address land banking by foreign buyers, ensuring that vacant land is utilised within reasonable timeframes.
In the realm of higher education, the Budget also proposes a 20 per cent reduction in outstanding Higher Education Loan Program (HELP) and other student debts, pending legislative approval.
This measure, impacting three million Australians, would remove $16 billion in debt. It builds on earlier reforms that have already reduced student loan debt by $3 billion through changes to indexation arrangements.
Infrastructure investment also takes centres stage, with significant funding allocated nationwide:
- New South Wales: $2.3 billion for Western Sydney projects, including rail and road upgrades.
- Victoria: $2 billion for Sunshine Station upgrades.
- Queensland: $7.2 billion for Bruce Highway safety upgrades.
- Additional projects across Western Australia, South Australia, Tasmania, the ACT, and the Northern Territory
Stadiums announced for 2032 Olympic and Paralympic Games
More than 1,340 days after Queensland won the Games bid, the Queensland Government has unveiled its 2032 Delivery Plan for the 2032 Olympic and Paralympic Games.
The plan outlines how a $7.1 billion venue capital works program will allow the Games to reach beyond Brisbane and enable Queensland to benefit from the legacy for years after 2032.
Southeast Queensland will see major developments to ensure that it is connected and event-enabled in time for the Games, including:
- New Brisbane Stadium to be delivered at Victoria Park, as part of a world-class Games precinct.
- New National Aquatic Centre at Spring Hill to transform the Centenary Pool site.
- Transformed RNA Showgrounds with an upgraded Main Arena and Athlete Village, which will be converted to permanent housing after the Games.
- Upgraded Queensland Tennis Centre expanded to include a new permanent show court and 12 new match courts.
- Upgraded Chandler Sporting Precinct into a dedicated Para-sport community facility.
- New Athlete Villages to be delivered on the Sunshine Coast and Gold Coast.
- Improved transport network with new rail lines and stations, northern and eastern Brisbane bus corridors, upgrades to the M1, faster rail from Brisbane to the Gold Coast, and The Wave, with a rail line running from Beerwah to Birtinya linking with metro services all the way to the Sunshine Coast Airport, through Maroochydore.
Finally, on the economic front, the Australian Bureau of Statistics (ABS) has reported a slight decline in annual inflation, with trimmed mean inflation easing to 2.7 per cent in February 2025, which marks a modest step towards stabilising cost-of-living pressures and will be welcome news for all mortgage holders.
